Mortgage Rates Feeling Uninspired as The Market Waits For Bigger News

It was another slow day for the mortgage market and one that joins a list of several other relatively inconsequential days in the past few weeks.  This is a byproduct of the bond market (bonds dictate rate movement) being tuned in to only a few key economic reports and events.  When these reports actually come out, rates move a lot.  But for the rest of the time, the vibes are drifty and sideways.

Today’s version of “sideways” involved a drift to levels that were just barely higher than yesterday’s.  The average mortgage borrower won’t see much of a difference either way.

Top tier 30yr fixed scenarios are still just over 7% for the average lender, but it’s worth keeping in mind that actual quotes will exist in a reasonably wide range round those levels depending on particulars.